Anonymous

15 Jun 2020

∙

My insurance friend (AIA) proposed for me to get 3 policies and said it won't be in-force until I pay. I signed the applications but now I don't want them, is it ok to leave them there and not pay?

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Pang Zhe Liang

15 Jun 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

Yes, it is okay to leave it if the policies do not fulfil your needs. In this case, the application will be closed after a period of time.

Take note that if there is medical underwriting, then the underwriters will need to review your case all over again when you submit a fresh application next time.

In any case, I will suggest for you to review your needs and determine why the policies don't suit you, and why you signed them in the first place.

I share quality content on estate planning and financial planning here.

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Aaron Leow

14 Jun 2020

Policies only start upon premium payment. The free-look period only applies if policies have been incepted, and that is conditional with premium payment.

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Elijah Lee

13 Jun 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

If you haven't made any payment yet then there's no issue. The policy status will become n...

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